The horse was first off the long layoff, plnging in price and had tons of red flags, even at $16k. I'm not sure but thin Winning Move bought him just before the May 4th '07 race at Belmont. I saw him win the Birdstone in their colors. I don't know when IEAH and Goldfarb (?) got in. They are listed as co owners in the Tue Form .
My guess is that they gave him the race, hoping that no one would talk the risk on him in this economy and the liklihood of having to pay to ship him someplace once DEL ends. The risk paid off, they won and kept the horse.
As for him going from G1 to overnights inside a year well, he was hardly a true G1 horse as his Whitney was a 12 length loss. He was a solid G2-3 horse however. It's not like horses don't plummet. (Anyone noticed Silver Prospector in for a $4k tag at F'Lakes lately. Last winter he was winning at AQU with BSF's over 100.)
BTW, as an aside, I met Papi a couple of years ago in the Saratoga Stakes barn. He was asweet horse, let my son feed him treats etc. Even though he was a colt, he wasn't mouthy or pushy. Whatever happens to him, I hope he gets to put his nice attitude to work someplace.
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RIP Monroe.
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